CHENNAI: ICICI Bank on Wednesday announced that it aims to grow its retail loan disbursement in Tamil Nadu by over 40 per cent to Rs 13,000 crore in 2018-19 financial year (FY19). All segments of retail loans — consumer, home and other allied agricultural loans — provided by the bank are set to grow at a rapid pace.
Speaking at a press conference in Chennai, Anup Bagchi, executive director of ICICI Bank, expressed that bank will achieve the target by rapidly expanding its consumer loans portfolio in personal and auto as well as home loan sectors.
In FY19, the ICICI bank envisages to grow its disbursement of consumer loans by nearly 50 per cent to Rs 5,000 crore. The bank will also increase its home loan disbursement by nearly 40 per cent to Rs 3,700 crore. “Retail consumer loans witnessed significant growth in Tamil Nadu over the last couple of years. With robust growth in the economy of the state, this fiscal too, we see the potential of increasing the retail loan disbursement by 40 per cent to Rs 13,000 crore. We are focusing on personal, auto and home loans to grow in the state,” said Bagchi.
Bagchi added that to drive the growth in home loan sector, the bank have adopted a multi-pronged strategy – expanding its presence across tier II and tier III markets, focusing on affordable housing and scaling up the number of credit processing centres from 15 to 20 in the state.
The bank has a wide retail network of branches — 485 branches and 1,525 ATMS — across Tamil Nadu.